Promis Neurosciences (NASDAQ:PMN) Stock Has Consensus Target Price of $34.00

Promis Neurosciences (NASDAQ:PMN) has received an average recommendation of “Moderate Buy” from the eight research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, four have given a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $34.00.

Several brokerages recently weighed in on PMN. Roth Capital set a $29.00 price target on Promis Neurosciences in a report on Friday, August 21st. HC Wainwright restated a “buy” rating on shares of Promis Neurosciences in a research report on Wednesday, July 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Promis Neurosciences in a research report on Tuesday, September 8th. Wall Street Zen upgraded shares of Promis Neurosciences from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $69.00 target price (up from $35.00) on shares of Promis Neurosciences in a report on Tuesday, July 28th.

Institutional Investors Weigh In On Promis Neurosciences

A number of hedge funds have recently added to or reduced their stakes in the company. Seven Fleet Capital Management LP acquired a new position in Promis Neurosciences during the 1st quarter worth approximately $135,000. ADAR1 Capital Management LLC acquired a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $1,211,000. Yu Fan acquired a new stake in shares of Promis Neurosciences in the 1st quarter valued at approximately $4,188,000. Ally Bridge Group NY LLC lifted its holdings in shares of Promis Neurosciences by 66.1% in the 1st quarter. Ally Bridge Group NY LLC now owns 414,219 shares of the company’s stock valued at $5,261,000 after buying an additional 164,880 shares during the period. Finally, Janus Henderson Group PLC purchased a new stake in shares of Promis Neurosciences in the first quarter valued at approximately $16,418,000. Institutional investors and hedge funds own 50.13% of the company’s stock.

Promis Neurosciences Trading Up 2.0%

Promis Neurosciences stock opened at $10.85 on Friday. Promis Neurosciences has a twelve month low of $6.27 and a twelve month high of $27.40. The stock has a 50 day moving average of $13.54 and a two-hundred day moving average of $12.69. The stock has a market capitalization of $97.30 million, a price-to-earnings ratio of -1.27 and a beta of -0.24.

Promis Neurosciences (NASDAQ:PMN) last announced its earnings results on Thursday, August 13th. The company reported ($1.28) earnings per share for the quarter, beating the consensus estimate of ($1.38) by $0.10. Equities analysts predict that Promis Neurosciences will post -5.29 earnings per share for the current year.

About Promis Neurosciences

ProMIS Neurosciences Inc is a biotechnology company focused on developing therapeutics for neurodegenerative diseases. The company uses its Misfolded Protein Targeting platform to identify toxic forms of proteins associated with disease while aiming to avoid binding to their normal, healthy counterparts.

ProMIS’s lead program is PMN310, an investigational antibody designed to selectively target toxic amyloid-beta oligomers implicated in Alzheimer’s disease. The company is also researching antibody-based approaches for other neurodegenerative conditions, including diseases associated with misfolded TDP-43 proteins, such as amyotrophic lateral sclerosis and frontotemporal dementia.

Headquartered in Toronto, Canada, ProMIS conducts research and clinical development activities in the biotechnology and neuroscience sectors, with its programs intended for potential global use.